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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Taxes (Interest Rate) (Amendment No. 6) Regulations 1992 No. 3167 URL: http://www.bailii.org/uk/legis/num_reg/1992/uksi_19923167_en.html |
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Statutory Instruments
INCOME TAX
INHERITANCE TAX
TAXES
Made
11th December 1992
Laid before the House of Commons
14th December 1992
Coming into force
6th January 1993
The Treasury, in exercise of the powers conferred on them by section 178 of the Finance Act 1989(1), hereby make the following Regulations:
1. These Regulations may be cited as the Taxes (Interest Rate) (Amendment No. 6) Regulations 1992 and shall come into force on 6th January 1993.
2. In regulation 5 of the Taxes (Interest Rate) Regulations 1989(2)-
(a)for "6th December 1992" there shall be substituted "6th January 1993";
(b)for "9 per cent. per annum" there shall be substituted "8·25 per cent. per annum".
Irvine Patnick
Tim Wood
Two of the Lords Commissioners of Her Majesty's Treasury
11th December 1992
(This note is not part of the Regulations)
These Regulations amend with effect from 6th January 1993 regulation 5 of the Taxes (Interest Rate) Regulations 1989 (S.I. 1989/1297), as amended by the Taxes (Interest Rate) (Amendment) Regulations 1991 (S.I. 1991/889), which specifies the official rate of interest for the purposes of section 160 of the Income and Corporation Taxes Act 1988 (taxation of beneficial loans made to employees). The official rate of interest also determines "the appropriate percentage" for the purposes of the additional charge to tax in respect of certain living accommodation provided for employees under section 146 of the 1988 Act.
The amendment made by these Regulations specifies a new official rate of interest (8\25 per cent. per annum) in substitution for the rate of 9 per cent. per annum specified byS.I. 1992/2818. Previous rates were specified by S.I. 1989/1297, S.I. 1991/889, 1120, 1377, 1695, 2070, and S.I. 1992/265, 1338 and 2451.
